Gold prices in UAE held steady on Thursday morning following a recent dip to a three month low. The Dubai Jewelery Group reported that 24K gold was trading at Dh233.75 per gram at the market’s opening, slightly up from the previous night’s close of Dh233.5. Other variants such as 22K, 21K, and 18K were priced at Dh216.25, Dh209.5, and Dh179.5 per gram, respectively. Meanwhile, spot gold remained unchanged at $1,928.14 per ounce by 9:20 Am UAE time. The precious metal continues to face pressure due to expectations of upcoming interest rate hikes.
Market analysts, such as Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, anticipate a downward trajectory for gold prices. Aslam believes there is a high possibility that the price may test the 1,900 level in the coming days.
Manish Jaradi, a strategist at dailyFX, points out that gold has weakened following hawkish remarks from US Federal Reserve Chair Jerome Powell. The precious metal appears vulnerable and could potentially break below key support levels. Powell’s comments reaffirmed expectations of additional rate hikes, with two more increases anticipated before the end of the year.
Given these factors, gold prices face ongoing pressure. Traders and investors closely monitor market developments to determine the future direction of gold prices.
